"Thanks to the timing of my birth, a few economic factors worked in my favor: I graduated from college in 2019, was gainfully employed pre-pandemic, and was lucky enough to hold onto my role throughout the turmoil. During that time, I shrank my spending on typical early-20s activities - going out, seeing concerts, etc. - to practically nothing, allowing me to sit on and grow some savings. I was given a raise and promotion as the Great Resignation shook the workforce."
"So when my landlords at my last apartment raised my rent the most they legally could, I started looking for a way out. An opportunity to buy into an income-restricted building pretty much fell into my lap - a friend of a friend had to move out of state and was selling a unit that came with a few more restrictions than your standard apartment."
I bought an apartment as a 28-year-old English major working in journalism. I benefited from cohort timing: born in 1997, graduating college in 2019, employed pre-pandemic and retained my job through the turmoil. I reduced discretionary spending and built savings, then received a raise and promotion during the Great Resignation. Rising rents and inflation pushed me to seek alternatives after a legal maximum rent increase. A unit in an income-restricted building became available through personal connections; the unit required middle-class income eligibility based on local median income and a down payment, which I met.
Read at Business Insider
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